Are there any well-known theories that explain these disparities? I was quite surprised by the nearly-flat cost of housing in Germany (relative to inflation), for example. Is this a product of legislative, economic, or cultural differences?
https://www.youtube.com/watch?v=qpq2eqz6mR0
They also make land available to build on, unlike former UK colonies which all use a combination of zoning to suppress supply and loose credit to increase bidding levels.
All former UK colonies have land bubbles.
some speculations:
A large part of the German market is renting, even more so in the "hot" cities. Many smaller towns and rural areas are struggling, so there are likely quite a few cheap houses available there which keep an average down, even if home prices in boom areas increase.
Buying a house is one of the few widely "acceptable" reasons to go in debt, but many Germans still try to avoid or at least minimize it.
Any comment?